LMC Automotive European Passenger Car Sales Update (April 2023)
2023/05/11
- Summary
- Commentary
Summary
- The Western Europe PV selling rate fell slightly to 10.7 mn units/year in April, from 10.9 mn units/year in March. Total sales for the latest month were 864k units, 16.9% up YoY though 29% down on the prepandemic 2019 result.
- The German PV selling rate fell again to 2.4 mn units/year in April from 2.7 mn units/year in March. For the UK, the PV selling rate rose from 1.4 mn units/year in March to 2.0 mn units/year last month. The French PV selling rate fell slightly from 1.7 mn units/year to 1.5 mn units/year. For Italy, in April, the PV selling rate of 1.4 mn units/year remained broadly in line with earlier results this year. The PV selling rate in Spain was unchanged at 910k units/year from the previous month.
- As in March, the top five West European markets recorded strong positive YoY growth in their monthly registration volumes. 2022 was a weak base for comparison and there has been an easing in supply chain disruptions that has supported improving vehicle production more recently. Despite this, most markets in the region are still significantly below pre‐pandemic 2019 levels. As such, we expect to see further improvements in selling rates as supply picks up. While underlying demand has taken a hit from rising interest rates and slowing economic growth, on a more positive note, the economic outlook has generally improved from the start of the year — that said, supply is still expected to dictate market pace this year and our forecasts remain broadly in line with the previous report.
This report is for paid members only. Remaining 1 chapters remaining.
Free membership registration allows you to read the rest of the article for a limited time.
Free membership registration allows you to read the rest of the article for a limited time.